Luc PAUGAM

Professor

Accounting and Management Control

paugam@hec.fr
Profile picture

Biography

Luc Paugam is the holder of the Forvis Mazars chair Purposeful Governance. He obtained a Ph.D. in financial accounting and a MSc in Finance from Université Paris Dauphine. Luc graduated from ENS Paris-Saclay and is a CFA charterholder. His research focuses on issues surrounding financial reporting of M&As (goodwill, intangible assets), corporate whistleblowing, CSR, and activist short sellers. Luc has published in several academic journals including Accounting, Organizations & Society, Abacus, Review of finance, Comptabilité Contrôle Audit, Contemporary Accounting Research, European Accounting Review, Journal of Accounting and Public Policy, Journal of Business Law, Journal of Business Finance & Accounting, and Strategic Management Journal. Books co-authored by Luc include Brand Valuation (Routledge), Evaluation Financière et Normes IFRS (Economica) and Evaluation Financière de la Marque (Economica). Luc teaches financial accounting in the Grande Ecole and MBA programs. Prior to joining HEC Paris, Luc has been a consultant in corporate finance, an associate professor at ESSEC Business School and a visiting scholar at the University of Houston and INSEAD. Luc is an associate editor of European Accounting Review and a board member of the Journal of Business Finance & Accounting, Accounting and Business Research, Accounting in Europe, Accounting Forum and a member of CFA France. He received the ESSEC foundation teaching award in 2016.

Scientific articles

Deploying narrative economics to understand financial market dynamics: an analysis of activist short sellers’ rhetoric

Contemporary Accounting Research, Fall 2021, vol. 38, n° 3, pp 1809-1848, (in coll. with H. STOLOWY, Y. GENDRON)

Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors’ Assessment of Going Concern Risk

Contemporary Accounting Research, Summer 2020, vol. 37, n° 2, pp 1248-1289, (in coll. with L. DAL MASO, G. J. LOBO, F. MAZZI)

The usefulness of intangible assets' disclosure for financial analysts. Insights from Purchase Price Allocation conditional on deal quality

Comptabilité Contrôle Audit [Accounting Auditing Control], September 2019, vol. 25, n° 2, pp 5-53, (in coll. with A. JENY, P. ASTOLFI)

Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR visibility

Strategic Management Journal, September 2019, vol. 40, n° 9, pp 1471-1490, (in coll. with R. DURAND, H. STOLOWY)

The Whistleblower: An Important Person in Corporate Life? An Answer from Comparative Law

Journal of Business Law, 2019, vol. 3, pp 167-184, (in coll. with N. STOLOWY, A. LONDERO)

Do investors pay sufficient attention to banks’ unrealized gains and losses on available-for-sale securities?

European Accounting Review, December 2019, vol. 28, n° 5, pp 819-848, (in coll. with Romain BOULLAND, Gerald LOBO)

Building the legitimacy of whistleblowers: A multi-case discourse analysis

Contemporary Accounting Research, Spring 2019, vol. 36, n° 1, pp 7-49, (in coll. with H. STOLOWY, Y. GENDRON, J. MOLL)

Non-additivity in accounting valuation: Theory and applications

Abacus, September 2018, vol. 54, n° 3, pp 381-416, (in coll. with Jean-François CASTA, H. STOLOWY)

The expansion of non-financial reporting: an exploratory study

Accounting and Business Research, July 2018, vol. 48, n° 5, pp 525-548, (in coll. with H. STOLOWY)

The Effect of Business and Financial Market Cycles on Credit Ratings: Evidence from the Last Two Decades

Abacus, July 2017, vol. 53, n° 1, pp 59-93, (in coll. with G. LOBO, H. STOLOWY, P. ASTOLFI)

Books

Chapters in edited books

Working papers

Empirical Evidence on Earnings Management Strategies and Their Consequences in Innovative Small and Medium Entities

Cahier de Recherche du Groupe HEC , 2017

Non-Additivity in Accounting Valuation: Theory and Applications

Cahier de Recherche du Groupe HEC , 2017

Examining the patterns of goodwill impairments in Europe and the US

Cahier de Recherche du Groupe HEC , 2016

Case Studies

Scientific articles

Sustainability reporting: Is convergence possible?

Accounting in Europe, 2023, vol. 20, n° 2, pp 139-165, (in coll. with H. STOLOWY)

Competing for narrative authority in capital markets: Activist short sellers vs. financial analysts

Accounting, Organizations and Society, July 2022, vol. 100, n° 101334, (in coll. with H. STOLOWY, Y. GENDRON)

Disclosures about key value drivers in M&A announcement press releases: An exploratory study

Abacus, July 2022, vol. 58, n° 1, pp 62-104, (in coll. with A. FILIP, G. J. LOBO, H. STOLOWY)

Accounting Information in Innovative Small Cap Firms: Evidence from London's Alternative Investment Market

Accounting and Business Research, 2021, vol. 51, n° 4, pp 421-456, (in coll. with A. FILIP, A. GHIO)

Books

Brand Valuation

Routledge, London (in coll. with P. ANDRÉ, H. PHILIPPE, R. HARFOUCHE )

Evaluation financière de la marque

Editions Economica (in coll. with H. PHILIPPE, D. AGUILAR )

Evaluation financière et normes IFRS

Editions Economica (in coll. with O. RAMOND, J.-F. CASTA, L. BATSCH )

Chapters in edited books

Working papers

Managerial Discretion to Delay the Recognition of Goodwill Impairment: The Role of Enforcement

Cahier de Recherche du Groupe HEC , 2020

Do Investors Actually Value Sustainability Indices? Replication, Development, and New Evidence on CSR Visibility

Cahier de Recherche du Groupe HEC , 2019

Implications of the Joint Provision of CSR Assurance and Financial Audit for Auditors’ Assessment of Going Concern Risk

Cahier de Recherche du Groupe HEC , 2019

Building the Legitimacy of Whistleblowers: A Multi-Case Discourse Analysis

Cahier de Recherche du Groupe HEC , 2018

Case Studies

Education

  • Habilitation to conduct research, Université Paris Dauphine - France
  • CFA Charterholder, CFA Institute USA - USA
  • Ph.D., in Business Administration, Financial Accounting, Université Paris Dauphine - France
  • MSc in Finance, Université Paris Dauphine - France
  • Bachelor, Economics, Ecole Normale Supérieure de Cachan - France
  • Agregation, Economics and Management, Ecole Normale Supérieure de Cachan - France

Academic appointments

Academic Responsibilities at HEC

  • 2025- Professor, Accounting and Management Control HEC Paris
  • 2023- Mazars - Purposeful Governance Chair Holder HEC Paris

Awards & honors

  • 2018 Best Paper Award: "Accounting Information in Innovative Small and Medium Entities" 13th World Congress of Accounting Educators and Researchers, Sydney November 2018, The University of Sydney, IAAER (in collaboration with Andrei Filip and Alessandro Ghio)